Since Glen Davis and Al Harrington were waived when they still had guaranteed money on the books for the 2014-15 season, the Magic must include Davis’ and Harrington’s guarantee amounts on their team payroll figure, too.

And, finally, the team must include the rookie-scale salaries of its upcoming draft picks — assuming the team doesn't trade the No. 4 and No. 12 overall picks away.

Add all of those salaries together, the Magic currently have $52,068,531 committed for next season. Since the 2014-15 NBA salary cap is projected to be $63.2 million, that would leave the Magic with $11,131,469 in cap space when free agency signings can begin on July 10.

If the Magic waive Nelson before mid-July, the team would be obligated to pay him only $2 million of his $8 million salary, and it would reduce the Magic’s team payroll by $6 million.

Five of the Magic’s players have salaries that are fully unguaranteed if the players are waived before certain dates. Those players are Dedmon, Lamb, Maxiell, O’Quinn and Price. O’Quinn is certain to be retained, but the others aren’t.

The chart below shows how the Magic’s team payroll would look if it retains all of its players. The chart also shows how the team payroll would look if Nelson, Dedmon, Lamb, Maxiell and Price are waived before their guarantee dates and before the start of free agency. (Note that all salary figures come from ShamSports.com, Orlando Sentinel reporting and the rookie scale figures in the collective bargaining agreement.)

Here are some caveats:

• The minute the Magic make their draft picks, those picks’ salaries will begin to count against the Magic’s cap figure. First-round picks’ salaries are governed by the NBA’s rookie scale — a list of salaries that vary pick-by-pick. For the 2014 rookie class, the fourth overall pick’s salary initially will count $3,326,700 toward the Magic’s payroll; the 12th overall pick’s salary initially will count $1,803,400 toward the Magic’s payroll.

• I use the word “initially” because there’s an important distinction to be made. Each team may pay up to 120 percent of a first-round draft pick’s salary; in fact, it’s customary for teams to pay 120 percent. So the cap hit of the 4th overall pick will increase from $3,326,700 to $3,992,040 once he’s signed. The cap hit of the 12th overall pick will increase from $1,803,400 to $2,164,080.

• If the Magic want to maximize their cap space for free agency, they could wait to sign their draft picks until after they sign their free agents. Waiting to sign their draft picks would give the Magic an additional $1,026,020 to spend on free agents.

• That said, the Magic would be strongly disinclined to wait to sign their rookies. The team almost certainly will sign its rookies on or before July 5, which is the start date for the annual Orlando Pro Summer League.

• The Magic also would have to renounce their rights to free agent E'Twaun Moore and unsigned former first-round draft pick Fran Vazquez, because Moore and Vazquez carry cap holds totaling about $2.9 million, according to BasketballInsiders.com.